Related provisions for CASS 5.6.11
1 - 4 of 4 items.
If a primary pooling event occurs:(1) client money held in each client money account of the firm is treated as pooled; and(2) the firm must distribute that client money in accordance with CASS 7.7.2 R, so that each client receives a sum which is rateable to the client money entitlement calculated in accordance with CASS 7A.2.5 R.
(1) When, in respect of a client, there is a positive individual client balance and a negative client equity balance, the credit must be offset against the debit reducing theindividual client balance for that client.(2) When, in respect of a client , there is a negative individual client balance and a positive client equity balance , the credit must be offset against the debit reducing the client equity balance for that client.
If a firm receives a mixed remittance after a primary pooling event, it must:(1) pay the full sum into the separate client bank account opened in accordance with CASS 7A.2.7 R; and(2) pay the money that is not client money out of that client bank account into a firm's own bank account within one business day of the day on which the firm would normally expect the remittance to be cleared.
If a primary pooling event occurs:(1) client money held in each client money account of the firm is treated as pooled;(2) the firm must distribute that client money in accordance with CASS 5.3.2 R or, as appropriate, CASS 5.4.7 R, so that each client receives a sum which is rateable to the client money entitlement calculated in accordance with CASS 5.5.66 R; and(3) the firm must, as trustee, call in and make demand in respect of any debt due to the firm as trustee, and must liquidate
Client money received by the firm (including in its capacity as trustee under CASS 5.4 (Non-statutory trust)) after a primary pooling event must not be pooled with client money held in any client money account operated by the firm at the time of the primary pooling event. It must be placed in a client bank account that has been opened after that event and must be handled in accordance with the client money rules, and returned to the relevant client without delay, except to the
A firm can hold client money in either a general client bank account (CASS 5.5.38 R) or a designated client bank account (CASS 5.5.39 R). A firm holds all client money in general client bank accounts for its clients as part of a common pool of money so those particular clients do not have a claim against a specific sum in a specific account; they only have a claim to the client money in general. A firm holds client money in designated client bank accounts for those clients who requested
A firm may open one or more client bank accounts in the form of a designated client bank account. Characteristics of these accounts are that:(1) the account holds money of one or more clients;(2) the account includes in its title the word 'designated';(3) the clients whose money is in the account have each consented in writing to the use of the bank with which the client money is to be held; and(4) in the event of the failure of that bank, the account is not pooled with any other